Arab Today, arab today jet fuel trader cao\s q3 net profit surges 65
Last Updated : GMT 22:49:43
Arab Today, arab today
Arab Today, arab today

Jet fuel trader CAO\'s Q3 net profit surges 65%

Arab Today, arab today

Arab Today, arab today Jet fuel trader CAO\'s Q3 net profit surges 65%

Singapore - XINHUA

China Aviation Oil (Singapore) Corporation Ltd on Friday reported a net profit of 21.8 million U. S. dollars in the third quarter of 2013, up 65 percent from that of the same period last year. The largest physical jet fuel trader in the Asia Pacific region said the surge in net profit was mainly attributable to higher contribution from its key associated company Shanghai Pudong International Airport Aviation Fuel Supply Company thanks to a one- off credit from the provision of past claims relating to customs duties and value added tax. The supply and trading of jet fuel and trading of other oil products contributed gross profit of 7.1 million U.S. dollars. The group's strategy to diversify its products to include trading of other oil products since 2008 is yielding results, as is "evident from the strong performance of other oil products which buoyed the group's profitability" in the first nine months, said Meng Fanqiu, chief executive officer of the company. The company's jet fuel supply and trading volume in the first nine months of the year remained largely unchanged at 7.85 million tons. Shanghai Pudong International Airport Aviation Fuel Supply Company contributed 36.6 million U.S. dollars of profit to the group in the first nine months, up 39.3 percent, thanks to a one- off credit resulting from the provision of past claims relating to customs duties and value added tax amounting to 11.9 million U.S. dollars. The increased contribution from associates is slightly offset by higher losses recorded for Oilhub Korea Yeosu of 1.3 million U. S. dollars in the first nine months of the year, which is in comparison to the loss of 0.2 million U.S. dollars in the first nine months of 2012. The higher loss was mainly due to the recognition of mark-to-market loss from its foreign currency swap contracts denominated in the won against the U.S. dollar. The company said it is sticking to the long-term goal of becoming a global transportation fuels provider by 2020.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today jet fuel trader cao\s q3 net profit surges 65 Arab Today, arab today jet fuel trader cao\s q3 net profit surges 65

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today jet fuel trader cao\s q3 net profit surges 65 Arab Today, arab today jet fuel trader cao\s q3 net profit surges 65

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today How to do your own Ramadan corner?

GMT 15:53 2017 Saturday ,27 May

How to do your own Ramadan corner?
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday